Journal Entries Using the Periodic Inventory SystemThe following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system.Jan. 2.Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30.5.Paid freight of $190 on the January 2 purchase.6.Returned $2,750 of the merchandise purchased on January 2.13.Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of goods sold was $22,400.15.Paid freight of $215 for the merchandise sold on January 13.17.Paid for the purchase of January 2 less the return and discount.23.Received payment on account for the sale of January 13 less the discount.Journalize the entries to record the transactions of Air Systems Company.If an amount box does not require an entry, leave it blank.Jan. 2 Jan. 5 Jan. 6 Jan. 13 Jan. 15 Jan. 17 Jan. 23

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Description: Journal Entries Using the Periodic Inventory SystemThe following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system.Jan. 2.Purchased $18,200 of merchandise on

Journal entries refer to the recording of transactions in an appropriate way. With the help of…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journal Entries Using the Periodic Inventory System

The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system.

Jan. 2.	Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30.
5.	Paid freight of $190 on the January 2 purchase.
6.	Returned $2,750 of the merchandise purchased on January 2.
13.	Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of goods sold was $22,400.
15.	Paid freight of $215 for the merchandise sold on January 13.
17.	Paid for the purchase of January 2 less the return and discount.
23.	Received payment on account for the sale of January 13 less the discount.

Journalize the entries to record the transactions of Air Systems Company.

If an amount box does not require an entry, leave it blank.

Jan. 2

Jan. 5

Jan. 6

Jan. 13

Jan. 15

Jan. 17


Jan. 23

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